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Heritage NOLA Bancorp, Inc. (HRGG) reports corporate developments tied to its role as the holding company for Heritage Bank of St. Tammany, an OTC Pink community-bank issuer. Company news has included the completed purchase and assumption transaction in which substantially all of Heritage Bank's assets were purchased and substantially all of its liabilities, including deposit liabilities, were assumed by OnPath Federal Credit Union.
Recurring updates also cover material agreements, shareholder voting matters, governance actions, capital-structure disclosures, and operating and financial results. Following the completed bank transaction, company communications center on the remaining corporate structure, liquidation-related capital matters, and shareholder distributions as they are formally disclosed.
Heritage Nola Bancorp (OTC Pink: HRGG) announced that effective April 1, 2026, Heritage Bank completed a purchase and assumption transaction with OnPath Federal Credit Union in which OnPath purchased substantially all assets and assumed substantially all liabilities.
Shareholders are currently estimated to receive $20.00 to $20.75 per share in cash upon dissolution, subject to variation; distributions are expected in Q4 2026 as Heritage Bank and the company complete liquidation and dissolution processes.
Heritage NOLA Bancorp (OTC Pink: HRGG) has announced that OnPath Federal Credit Union will acquire substantially all assets and liabilities of Heritage Bank of St. Tammany in an all-cash transaction valued at $26 million, with additional reimbursements up to $3 million.
Shareholders of Heritage NOLA Bancorp are estimated to receive between $20.00 and $20.75 per share, though final amounts may vary. The transaction, expected to close in Q2 2026, will be followed by Heritage Bank's liquidation and Heritage NOLA Bancorp's dissolution, with shareholder distributions anticipated in Q4 2026.
The agreement includes provisions for eligible depositors from Heritage Bank's 2017 mutual-to-stock conversion to receive liquidation account payments. The transaction has received unanimous board approval from all parties involved.
On June 14, 2024, MC Bancshares and Heritage NOLA Bancorp announced the termination of their proposed merger. Originally agreed upon on July 6, 2023, the merger was called off due to regulatory uncertainties and the merger approval process. The termination was mutually approved by the boards, with both parties agreeing to bear their own costs without penalties. Heritage announced on March 13, 2024, that MC Bancshares had withdrawn its acquisition applications. Both companies expressed confidence in their future prospects post-termination.
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